The Institute of Financial Accountants? help????

[Sameer007]

I have an offer for someone to do my accounts, he is member of The Institute of Financial Accountants.

He seems to be good with lots of clients. Should I take him on as an accountant?

Also I have an offer from someone who is not a member of any accounting body! Is that legal? for someone to do my accounts (at a very good price, i must add).

Help on this please?

 

[elaine@cheapaccounting]

see the sticky on how to select an accountant - that should help

 

[Sameer007]

it does not tell me about The Institute of Financial Accountants. Once know if its any good?

 

[MyAccountantOnline]

Also I have an offer from someone who is not a member of any accounting body! Is that legal? for someone to do my accounts (at a very good price, i must add).

Yes it is legal in this country - sadly anyone call themselves an accountant.

They can often charge less as they dont have to pay accountancy subsciptions, insurance or for training courses/skill updates like professionally qualified accountants.

 

[Homshaw]

it does not tell me about The Institute of Financial Accountants. Once know if its any good?

I had a quick look at their site The entry requirements don't seem as rigourous as the Chartered Bodies.

Choosing an accountant is a minefield

Go to a cheap unqualified and you wonder if they are keeping up to date. If they aren't it could cost you a fortune

Go to a large company. You see a partner then the job is given to a junior. You can pay a fortune and still get poor advice

Word of Mouth can be good but people sometimes confuse being helpful and pleasant with being competent

I suppose using some of the accountants on this board is not a bad choice because they seem to know what they about.

PS I am not looking for any remote clients. I like to see them.

 

[KernowQueen]

possibly a daft question!, but is there something centralised where i can enter a company name or an individual to check what they are registered/certified as?

i've had a very low quote from a company (the person who the email was from had MAAT after her name) & just want to know how to do a bit more checking.

 

[elaine@cheapaccounting]

no there isn't - that is one of the problems I'm afarid

MAAT - check with the AAT though.

Get references to help

 

[MyAccountantOnline]

possibly a daft question!, but is there something centralised where i can enter a company name or an individual to check what they are registered/certified as?

i've had a very low quote from a company (the person who the email was from had MAAT after her name) & just want to know how to do a bit more checking.

No its not a daft question - its high time our professional bodies got together and did something together.

The main bodies you'll generally see for accountants acting for small businesses are -

ACCA - members are ACCA or FCCA Association of Chartered Certified Accountants
ICAEW - members are ACA or FCA Chartered Accountants in England and Wales
AAT - members are AAT/MAAT Association of Accounting Technicians

MAAT is often used as a stepping stone onto the Chartered body exams but not always - its a very respected and good qualification in its own right.

Apologies in advance for all of those I've excluded its not on purposes

 

[talkinpeace]

On my ebay information page I have a link to the CCAB list. I tend to regard accreditation there as being the real reckoner.

 

[Jenni384]

The Institute of Financial Accountants (IFA) is one of the non-chartered accountancy qualifications.

I believe its exams and regulations are of a similar level to the AAT, that is to say, appropriate for an accountant in general practice for small businesses.

Qualifications are important, but so is experience and your general gut feel of the accountants you speak to.

You should be able to check with the professional body to ensure accountants are members. Most professional bodies will have a search function on their website but if the accountant your are looking for is not on there, it doesn't mean they are not registered, it might just mean they opted out of being on the website. You can contact the body direct to ask.

 

[MikeJ]

I'll just mention ICAS here, as being the Scottish equivalent to the ICAEW.